Winnipeg’s Executive Policy Committee (EPC) has approved a plan to spend an additional $1.4 million on the public plaza at the new True North Square.
On Monday the province announced that they would be kicking in up to $11.95 million through tax increment financing (TIF) for the plaza, residential tower, surrounding streets, sidewalks and skywalks, as well as to support the residential tower at the Sutton Place Hotel and residential development.
City of Winnipeg planning, property and development director John Kiernan told EPC on Wednesday, September 12, 2018, that changes to the original plan to offer tax rebates would see the additional funds be used to increase the city’s contribution to the plaza project. Kiernan believes that the project is an economic driver for the downtown core.
The increased funding would bring the city’s contribution to approximately 50% of the public plaza costs. Originally the plan was to split the costs with the province on a one third, two third basis but the province has not committed more than half the costs.
© 2018 News 4
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